Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with the last two boxes. The current ones filled are correct. S11-4 (similar to) Question Help O Harrison Industries began 2018 with

image text in transcribedI need help with the last two boxes. The current ones filled are correct.

S11-4 (similar to) Question Help O Harrison Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $45,000 and its total current liabilities totaling $37,000. At the end of the year, these same current assets totaled $44,000, while its total current liabilities totaled $42,000. Net income for the year was $82,000. Included in net income were a $6,000 loss on the sale of land and depreciation expense of $8,000. Show how Harrison should report cash flows from operating activities for 2018. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Cash flows from operating activities: Net income 82000 Adjustments to reconcile net income to net cash provided by (used for) operating activities: Depreciation 8000 Loss on sale of land 6000 Decrease in accounts receivable, inventory, and prepaid expenses (1000) 14000 Increase in current liabilities Net cash provided by (used for) operating activities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Alan Webb, Theresa Libby

12th Canadian Edition

1260193276, 978-1260193275

More Books

Students also viewed these Accounting questions